Restructuring Activities

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

11. Restructuring Activities

The Company's restructuring charges by segment were as follows:

	Years Ended December 31,
	2024		2023		2022
Engineered Products	$	7,847	$	8,976	$	3,194
Clean Energy & Fueling	30,858		20,336		9,571
Imaging & Identification	9,960		5,918		4,702
Pumps & Process Solutions	4,956		7,686		4,685
Climate & Sustainability Technologies	15,197		4,541		6,007
Corporate	992		2,444		2,321
Total	$	69,810	$	49,901	$	30,480
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services	$	37,993	$	19,352	$	6,855
Selling, general and administrative expenses	31,817		30,549		23,625
Total	$	69,810	$	49,901	$	30,480

The restructuring expenses of $69,810 incurred during the year ended December 31, 2024 were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions. The expected costs related to these announced restructuring programs have been incurred primarily through 2024. However, the Company will continue to make proactive adjustments to its cost structure to align with current demand trends and additional programs, beyond the scope of the announced programs, may be implemented during 2025 with related restructuring charges.

Restructuring expenses incurred in 2023 and 2022 also included headcount reductions, exit costs, and substantial liquidation of businesses in certain Latin America countries.

The Company's severance and exit accrual activities were as follows:

	Severance		Exit			Total
Balance at January 1, 2022	$	10,730	$	2,925		$	13,655
Restructuring charges	15,388		15,092			30,480
Payments	(13,975)		(8,052)			(22,027)
Other, including foreign currency translation	(136)		(7,497)			(7,633)
Balance at December 31, 2022	12,007		2,468			14,475
Restructuring charges	36,899		13,002			49,901
Payments	(31,133)		(9,910)			(41,043)
Other, including foreign currency translation	873		(2,447)			(1,574)
Balance at December 31, 2023	18,646		3,113			21,759
Restructuring charges	28,917		40,893		(1)	69,810
Payments	(33,514)		(10,481)			(43,995)
Other, including foreign currency translation	(505)		(27,634)		(1)	(28,139)
Balance at December 31, 2024	$	13,544	$	5,891		$	19,435

(1) Exit reserves activity includes non-cash asset charges related to a product line exit within the Climate & Sustainability Technologies segment.

The restructuring accrual balances at December 31, 2024 primarily reflect restructuring plans initiated during the year.